FINANCE AND COMMERCE

Press, Volume LXXIV, Issue 22518, 28 September 1938, Page 13

FINANCE AND COMMERCE

AUSTRALIA WINS BOTH CLASSES Butter Competitions In London CHEESE AWARDS TO NEW ZEALAND LONDON, September 26. la the Empire butter competitions fliere were 44 entries in each class. Australian competitors won all the •wards for both salted and unsalted. In the cheese competitions there were >8 entries. New Zealand co-operative factories took all the awards. Pine Bush was first, Otahuti second. Pahia third, and Mokotua reserve. Menzies Ferry was very highly commended. LONDON PRODUCE MARKETS TALLOW. HEMP, AND EGGS HIGH COMMISSIONER’S REPORT The Department of Agriculture has received the following cablegram from the High Commissioner for New Zealand. dated September 23, 1938; Tallow Market continues quiet on the spot with prices unchanged. Hemp Manila—Market continues quiet. K grade quoted, sellers, September/November shipment, £l9 10s; market firmer in Philippines Japanese buying. .. Sisal—-Market quiet m sympathy . with Manila; values about unchanged owing to lack of offers. Little interest shown, values nominal. Eggs Market quiet, demand slow. English national mark: Mediums, ’standards. and specials. 16s to .21s 6d, English ordinary pack. 15r15«b. 18s 9d to 19s Gd, * Danish, 14-171b, 13s 3d to 14s 3d Australian. 14-171b. 12s fid to fid*WAR LOAN DROPS £8 LATEST QUOTATION, £92 A RELIABLE LONDON MARKET POINTER RUGBY. September_ 26. ; War Loan. 3J per cent, is quoted at £92. The quotation at the end of last «vf#v was £IOO, The War Loan stock is regarded as • reliable market pointer. BRITISH WHEAT MARKET LONDON, September 26. Wheat cargoes are firm, and parcels are firmer. Futures are quoted as follows: Sept 22. Sept. 26. London -<a quarter)— s. d. s. d. October .. 23 8 26 Oi November • • 23 8i .26 0 Liverpool (a cental) — _ October .. S ?*•. 5-7* December ... \ March ; - * 9 * 5 CHICAGO FUTURES NEW YORK. September 26. , Cents a Bushel. Sept. 22. Sept. 26. September •' Jg* -Dg-.be.- ll* $ 1: CANTERBURY MARKETS ALL SECTIONS CONTINUE DULL (BT OU» COXXRXCTAL CDITO*.' Tuesday Evening.. There has been no improvement m ’" trading in the, Canterbury £ r 4 lI l ei)or t produce markets since the last Chief interest continues, to be m pota i toes, but no business is being done. . The Wellington market is- reported to be flooded and no has been received from Auckland. The nomjmi quotation is £2 los to £3 a ton. The Port Melbourne, which is taking a Shipment of potatoes to Montevideo, is still loading at Lyttelton, • yet possible to say whether she wm i f ttke the full 3000 tons that were booked lor her. ((notations • The following are tbe PW® to farmers on trucks 61d ■ ings. unless otherwise indicated. ■i ' Wheat—MUling. fob.. s ®P rJ :: Tuscan 5s lid. Hunters 6s Id, Pearl to 3d. - Oats—A Gartons iu 2s lOd. B Gartons ’to 2s 6d, Algerians 2s 9d to 3s - _ . ~s Ryegrass- -Perennial 3s 9d. Italian - Plains 8d to 9d. Akaroa ,-8«| to Sid per lb. . - 1 ' Cowgrass—6d to (d per lo- “- 1 White Clover—fld to Is per lb. •• Potatoes—£2 10s to £3 a ton. 5s a ton. . . 'ST Barley—Malting 4s 7*d. feed. 3s » -,».i;OU*heL |>rV. : Browntop—M.d. 9d to lOd per idPartridge Peas- -4s 3d to 5s 3d laißbushel , . Hsf&Bran—Large £4 iss, small ra^Pollard—Large £6 ss' a ton, unal' P>:£tlss. .

BREAK IN SHARE MARKET HEAVIEST FALLS SINCE CRISIS BEGAN Yesterday’s news from Europe cause a sharp downward trend in share values on the New Zealand exchanges. Some of the losses recorded were severe. The chief sufferers were leading Australian industrials. Sellers in Australia, too, accepted much reduced prices. Falls were the heaviest since the crisis began.

A poor selection was offered when the London wool sales continued and withdrawals were more frequent. New Zealand scoured halfbred sold at 16Jd. The Bradford tops market is almost at. a standstill.

In the Empire butter competitions in London, Australian competitors won all the awards for both salted and unsalted. New Zealand factories won all the prizes for cheese.

LONDON WOOL < SALES ; ■ j —~ \ A POOR SELECTION ' BRADFORD ALMOST AT *A STANDSTILL LONDON, September 26. At the London wool sales, 9454 bales were offered, including 4775 New Zealand. and 7143 were sold. There was a poor selection and increased withdrawals. New Zealand scoured haltbred, Waka. sold at 16id. The Bradford market is almost at a standstill. Exporters of tops and yarns to the Continent are withholding shipments until the position is clearer. DISPUTE SETTLED SYDNEY AUCTIONS TO RESUME (Received September 27, 11.30 p.m.) * SYDNEY, September 27. ' The Sydney wool sales dispute that arose yesterday was straightened out to-day, and the auctions will be resumed to-morrow. ’ A message received earlier yesterday said it appeared that the main reason for the suspension' of the wool sales was that brokers refuse lo guarantee the buyers’ request that toe trade custom designed to prevent lo splitting” should cease - . . S A message printed yesterday said the Sydney wool sales had been suspended until further notice, because buyers were finding difficulty in arrangements for. holding wool for ship merit, and also for the assumption, of ; war risks. AMERICAN FINANCE ACTION IN EVENT OF WAR DRASTIC STEPS CONSIDERED UNNECESSARY UNITED PBESI- .-SHluilATluS COPTBIGBI WASHINGTON. September 26. ’ TPresideiiU,Roosevelt’s fiscal, .experts have ■ informed him that drastic, steps .are not needed to safeguard the United States financial equilibrium. ■> The Secretary of the Treasury IMr H. Morganthau. jun.) has recommended that in the event of war, the stock market and banks, which closed m 1914. should operate normally, and says that the tripartite Franco-Bntxsh-American agreement will be a cushion against the shock of expatriation or dumping of foreign investments. He has revealed that foreign investments in America amount to G0,000.030 dollars, and American investments: abroad 60,000.00p, of which only 25,000,000 are in Europe. STOCK SALES LORNEVILLE (press association telmrax.) INVERCARGILL, September 27. Entries in the. fat sheep and cattle sections at LorneviUe to-day were bigger than for some time, the fat cattle including the best bullocks penned for many months. The quality of- the fat cattle generally was good. There were many wethers in the fat.sheep entry, but these W Fa C t *(?atUe—-Best heavy-weight bullocks CIO to" £2l 15s, prime quality medium-weights £l6 t 0 5 t 17 h< ,li'i|ers 1 i 'i|ers 'ifp t ?o c« UO Sri?ne P quiuty lielfers^ll 6 Ws to P £l3. heifers £9 10s to £ll, light doiSh EU best cows up. to £l7. good Sty coves £lO to £l2. medium-weights m in £0 10s. light down to £6.Fat Sheep Prime heavy-weight wethers 33 f good ewes up to 28s. mediumweight 16s to 19s. lighter down to 12s. TIN W ALD those ol ajpen o? seven * best °price* & ewes £as 20s Id for a penffto t r P seven, also entered by f ert f|fHilll( at ’ 14s 7d to2os : id| at 20s lOd. ■ . fHehts. 426 ewes ss.vYd SS! e K. »»■“• rangiora Good entries wfre received In allsecFoUowing is the range of prices:— porkers 35s 6d cows £3.' e c j to 99m lOd. ewes 12s 6d, empty ewes 6s. - ■ I 1 PRICE \OF SILVER HJITISB WIRELESS • , RUGBY. September 26. ; Silver is quoted at 19 7-16 d an ounce spot and 19 5-16 d an ounce forward.